July 20, 2024

Home Medical Equipment Market Trends: Navigating the Future of Healthcare

Home Medical Equipment Market

Market Overview:
Home medical equipment refers to medical devices that help patients recover, monitor, or manage their medical conditions at home. This equipment includes mobility equipment, home respiratory therapy equipment, home dialysis equipment, adult diapers, canes, crutches, patient lifts, CPAP machines, ventilators, among others. With growing geriatric population worldwide suffering from mobility issues and chronic diseases, home medical equipment are playing a vital role in enabling independent living and homecare. Home medical equipment industry is gaining popularity as it reduces healthcare costs while improving patient care experience.

The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the home medical equipment market is growing popularity of remote patient monitoring. With technological advancements, home medical devices are increasingly being integrated with connectivity and remote monitoring capabilities. This allows patients to stay connected with their healthcare providers and continuously monitor health parameters from home. It also enables early detection of health deteriorations and prevents unnecessary hospital visits. Growing preference for homecare over hospitals is further driving innovation and adoption of remote patient monitoring technologies in the home medical equipment market. This trend is expected to significantly impact market growth over the forecast period.
Porter’s Analysis

Threat of new entrants: Low barrier to entry as manufacturing of home medical equipment does not require high capital investments. However, existing major players have advantages of economies of scale and brand recognition.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many players. However, specialized nature of products gives advantages to few major brands.

Bargaining power of suppliers: Suppliers have low bargaining power due to fragmented nature and availability of substitutes. However, suppliers of core medical devices have some bargaining power.

Threat of new substitutes: Threat is moderate as new medical technologies can disrupt existing products. However, regulations ensure technological changes are gradual.

Competitive rivalry: High as major players compete on innovation, quality and pricing.

Key Takeaways
The global home medical equipment market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing aging population and rising prevalence of chronic diseases.

Regional analysis
North America dominates the global market led by the US due to supportive reimbursement policies and advanced healthcare infrastructure. Asia Pacific is expected to witness fastest growth owing to rising healthcare expenditure in countries like China and India.

Key players
Key players operating in the home medical equipment market are AstraZeneca, B. Braun Melsungen AG, Baxter, GE Healthcare, F. Hoffmann-La Roche Ltd, Stryker, Sunrise Medical LLC, ResMed, Philips Healthcare., Medline Industry, CareFusion Corporation, and Abbott Laboratories.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it